Turkey’s Isbank secures $1.4 billion loan
The loan is to be used for financing of corporates’ foreign trade operations
ISTANBUL
Turkey’s Isbank has secured a syndicated loan worth approximately $1.4 billion, according to a statement from the bank Tuesday.
The loan is split into two tranches, €919 million and $334 million, and is provided by a syndicate of 43 banks from 13 countries.
It is planned to be used for the financing of corporates’ foreign trade operations, the bank said.
The loan’s interest rate will be Libor/Euribor + %0.80 for the dollar tranche and Libor/Euribor + %0.70 for the euro tranche.
"We will use this syndication loan to support foreign trade operations of corporates operating in the real sector and that contribute to the development of Turkish economy," Isbank CEO Adnan Bali said.
Following the announcement, Isbank shares in Borsa Istanbul rose 0.08 points, and the stock is up by more than one percent from the close of yesterday.
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